Press release
Lawsuit filed for Investors who lost money with shares of Mullen Automotive, Inc. (NASDAQ: MULN)
A lawsuit was filed on behalf of investors in Mullen Automotive, Inc. (NASDAQ: MULN) shares over alleged securities laws violation
Investors who purchased shares of Mullen Automotive, Inc. (NASDAQ: MULN) have certain options and for certain investors are short and strict deadlines running. Deadline: April 14, 2025. NASDAQ: MULN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Brea, CA based Mullen Automotive, Inc., an electric vehicle company, manufactures, sells, and distributes electric vehicles in the United States. On November 5, 2021, Mullen Technologies, Inc. underwent a merger with and into Net Element, Inc., and the Company changed its name to Mullen Automotive, Inc.
On April 6, 2022, during trading hours, market analyst Hindenburg Research released a report regarding the Company entitled "Mullen Automotive: Yet Another Fast Talking EV Hustle" which detailed several alleged issues with the Company.
On March 13, 2024, Mullen Automotive, Inc announced an update on the U.S. Customs and Border Protection ("CBP") application for Class 1 EV cargo vans. Mullen Automotive, Inc stated that on March 5, 2024, U.S. Customs and Border Protection informed Rapid Response Defense Systems ("RRDS") counsel that a final determination on the ruling request needs to be issued by the U.S. General Services Administration ("GSA").
Based on CBP advice, Mullen and RRDS are now proceeding with the GSA in order to finalize qualification of Mullen to sell Class 1 EV cargo vans to all branches of the U.S. government. "Mullen is well positioned to support the U.S. government's goal of transitioning its fleet to electric vehicles," said David Michery, CEO and chairman of Mullen Automotive.
Shares of Mullen Automotive, Inc. (NASDAQ: MULN) declined to as low as $2.03 per share on March 04, 2025.
The plaintiff claims that between February 3, 2023 and March 13, 2024, the defendants made false and misleading statements and/or failed to disclose that Mullen Automotive, Inc. had no intent of implementing a reverse stock split when in-fact the Chief Executive Officer David Michery ("CEO" or "Michery"), and Mullen believed one was imminent and necessary, that Mullen Automotive, Inc. overstates its deals with business partners, including Rapid Response Defense Systems ("RRDS") and Mullen Advanced Energy Operations, LLC ("MAEO"), that Mullen Automotive, Inc. overstates its battery technology capabilities and partnerships (i.e., Lawrence Hardge related allegations), that Mullen Automotive, Inc. misled the investing public about its reverse splits, that Mullen Automotive, Inc. and Michery knew or should have known about Lawrence Hardge's previous convictions for financial crimes and moral turpitude and disclosed this information to investors, that Mullen Automotive, Inc. failed to disclose material information about its financing agreements, and that as a result, defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Mullen Automotive, Inc. (NASDAQ: MULN) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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